I have researched the current availability of 95% mortgages that do not require additional security of a linked savings account or charge on a parent’s property.
The lenders that accept just a 5% deposit are:
Monmouthshire Building Society
Leeds Building Society
Newcastle Building Society
Yorkshire Bank.
This is a volatile area of lending with rates and lenders changing on a regular basis.
As with high loan to value mortgages you are penalised by paying a premium rate and offered a very limited choice of products. The Monmouth only offers a 5 year fixed rate. Maybe not the best idea if you need to keep your options open for career progression.
Unusually The Newcastle offer a 95% remortgage as long any additional funds are for home improvements only, no debt consolidation allowed.
Why use Neil Soundy Financial Services as your mortgage broker?
We give advice on all lenders and all mortgages.
View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
The Financial Conduct Authority does not regulate some forms of buy-to-lets.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.
Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.
https://www.moneyadviceservice.org.uk/en/articles/choosing-a-mortgage-shop-around-or-get-advice
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